Yes, often done so.
More or less 3 hours per way.
It is a crater lake whithin an old still active vocanic caldera, with a path around it, and boats that ride around the islands in the middle. It has grat views of the suroundings and also offers a museum from the Cotacachi-Cayapas Ecological Reserve.
Hiking, sightseeing, boat ride.
Tumbabiro, Otavalo, hacienda or hostel in the area.
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